$44 billion from Musk Twitter deal could be renegotiated — Hindenburg

$44 billion from Musk Twitter deal could be renegotiated — Hindenburg

Twitter declined to comment. Tesla Inc was not immediately available for a comment from its Chief Executive Musk. “We are supportive of Musk’s efforts to take Twitter private and see a significant chance the deal will close at a lower price,” Hindenburg said.  The short-seller said the deal has seen a number of developments, from financing to board approval, which could have weakened the company’s position. Hindenburg said Musk could walk away paying the $1 billion breakup fee and has leverage to renegotiate if he chooses to. Last month, Twitter secured a $44-billion cash deal to sell itself to Musk and received over $7 billion in funding from high-profile investors, including Oracle’s co-founder Larry Ellison and Sequoia Capital.

Elon Musk’s $44 billion plan to take Twitter private, according to short-seller Hindenburg Research, might be repriced lower if the Silicon Valley entrepreneur backs out. In a report, Hindenburg, which has a short position on Twitter, stated, “Musk holds all the cards here.” “Twitter’s stock would drop 50% from present levels if Elon Musk’s bid for the company dissolved tomorrow. As a result, we believe there is a good chance the contract will be repriced lower.” During a larger market dip, shares of the social networking site fell as much as 4% to $47.76, their lowest level since Musk made his $54.20 per share “best and last” offer in April.

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